The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1887-07-19

THE d. 4 .. DEAL.

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Light breaking Mt Last on Its Character. 4
SetO iort Times Of Sunday. N n. .iEl.,4
When the ''Sully option on tho Balti.
moro 4 Ohio stock first startled Wall
street it WAS the railroad interests which
occupied the fret place in public a!ten-
ton, and the telegraph came in as Incl.
dental to them. At this time, the railroad
feature OF the affair hns faded into the
background, and the union Of the two
rival telegraph companies nppeara the
main, il not the only feature OF import-
snce. Nevertheless, it is not likely that
one change will be made without the
other. There must have been good rea-
SONS for Mr.. Garrett exercising his option
TO buy the stock OF the Baltimore & Ohio
Railroad held by the Johns Hopkins Uni
veraity, which he did quite recently. It
Ia merely common sense view OF the mat
ter that tho purchase, which 1t was entire
ly at his discretion to make or not to
make, was finally affected only when pro.
lected plans had reached that etage OF pro.
gress where tho purchase OF the stock be.
came necessary to their contamination.
We're the dealings directly between Mr..
Garrett and Mr.. Gould, or ii the matter
stood as it did when Mr.. Garrett gave
the option to Mr.. Sully, the situation
would be comparatively simple. The
confusion results from the apparent in
prevention Of third party, in the shape
Of MIR. Ives, or the Ives syndicate. On
one aide stands Mr.. Garrett, who is the
seller; on the other stands MIR. Gould.
the supposed intending purchaser; be-
tween them comes Mr.. Iyep, and lust
what he is doing or can do, and what the
re!asione OF the other parties to him are,
is q fruitful source OF confusion, Mr.
Ives is mainly identified with the pur.
chase Of the Cincinnati, Hamilton & Day.
ton line, which does not connect him in
any way with telegraph interesta, but
doeu connect him very closely, with the
Baltimore 4 Ohio Railroad, for II il
through this line that the Baltimore 4
Ohio expects to get st. Louis connection,
Ia the days Of the elder Garrett, the Ohio
q Mississippi line was held by him with
an iron grip, and over it the Baltimore &
Ohio went to st. Louis. Alter bis death
the English holders Of the securities be-
stirred themselves to get their property,
not liking the way they had been
treated; and the end OF it ives,
the Baltimore 4 Ohio was summarily
elected from possession. Deprived OF q
SC, Louis connection, the company had to
look round for another. and glance at
the railroad map shows that the Cincin.
natl, Hamilton 4 Dayton road, with come
additional Bbort lines the company has
purchased recently, would give the Balti-
more 4 Ohio a line to Indianapolis, alter
some email connecting links had been
built. Next comes the purchase by the
Ives party OF the stock OF the Terre Hnute
u indianapolis lines which holds by lease
.he Vandalia line into 81. Louis. AS soon
as this purchase Was made, and for the
obvious purpose Of turning over the line
10 the uses Of the Baltimore 4 Ohio, I'M.
other and most powerful interest was
reused to active opposition, in the Penn
syivania Railroad Company. The Van
dalia line is ita st. Louis connection, and
IS 1t has uaed it for fifteen years, 1t is gen
orally regarded as the integral part OF the
pennsylvania system. Everybody con.
cedes that the great corporation was
caught mapping when it allowed con.
trolling interest in the stock OF the In.
! annapolis line TO be sold to M outsider.
As soon as it woke up to what bad hap.
pened, it began suit to declare void the
lease Of the Vsndslia line to the Indian.
apolis company. The case was argued
The past week, and Judge Gresham wss
yesterday reported to have decided against
The Pennsylvania, which considering the
very slim grounds OF it's action: was to
have been expected. ~
SO far, therefore, the new party appears,
from such facts as has come out, to be in
this poaiton: it had an option on the
Baltimore & Ohio Railroad stock supposed
70 be similar to that given to Mr.. Sully;
and 1t has paid on account, about 5000
In cash, and turned over Cincinnati, Ham
lion 4 Dayton securities to the value OF
81. $780, 600, Control OF the Cincinnati,
Hamilton & Dayton ]ine will carry the
Baltimore & Ohio to Indianapolis; control
Of the stock OF the rerre Hsute & Indian
.polia line, would give the Baltimore 4
Ohio joint use with the Pennsylvania, Of
The line from indianapolis into St. Louis
by the Vandalia line. On the face OF 1t,
therefore, the Ives party would appear to
be able to deliver to the Baltimore & Ohio
Railroad Company what itnseds, II not in
cash, at least in securities controlling roads
necessary to its syatem. So lar tho matter
seems simple, but the next step lands one
In perplexity. The Ives party with the
securities referred to purchases control-
ling interest in what-in this very Balti-
more & Ohio system. Therefore
they appear to be purchasing from
its present owners controlling
| interest in the Z Baltimore Il Ohio system
as u whole, paying the purchase money in
securities Of roads whose control ia neces-.
ssry to that system, and consequently Of
Importance mainly to tho people who may
control the Baltimore & Ohio. /. It would
be an absurdity to suppose that Cincin.
natl, Hamilton 4 Dayton stock, and the
Indianapolis road stock, was to be turned
over to MIR. Garrett merely to be sold by
him afterward to anybody who would
buy. The roads are intended to be part
Of tho Baltimore & Ohio system proper,
and St. Louis connection, which they
will give, is necessary TO that syatem.
What would, or could, Mr.. Ives, or the
lvea party, do with the Baltimore K Ohio
railroad +? Z II it be assumed that Mr.. Ives
is an agent, that he is merely an interme
diary between other and more powerful
interests, there seems to be light in dark
place. 1t could then be reasoned that hia
Operations. in securing St. Louis connec-
i tiOn for the Rs1tiunra &, Oh;o rroraE ~, o~oJ